Socar Georgia Petroleum expects fuel prices in Georgia to decline from late June or early July if the downward trend in international Platts oil benchmarks continues.
Company director Nodar Kanchaveli said on “Business Morning” that forecasting price movements remains difficult due to global geopolitical uncertainty, particularly developments in the Middle East.
He noted that although global fuel prices rose significantly in recent months, Georgian importers did not fully pass on the increase to consumers, as companies relied on existing stockpiles. As a result, domestic price hikes were smaller than the surge in international costs.
According to Kanchaveli, if current market conditions persist and Platts prices remain lower through June, significant price reductions in Georgia could follow starting in late June or early July.
